Being For or Against Ossification of the Bitcoin Protocol!
Episode 9 of the The SatsMate Stack podcast, hosted by Paul SatsMate, titled "Being For or Against Ossification of the Bitcoin Protocol!" was published on June 21, 2024 and runs 8 minutes.
June 21, 2024 ·8m · The SatsMate Stack
Summary
Hey SatsCrew, There is a famous saying "To improve is to change to be perfect is to change often". This saying is by Winston Churchill, and while I strongly believe it applies to many tech startups around the world, I don't think it applies to Bitcoin. It is of great importance to calculate the change made, and that the change is slow. On higher levels of Bitcoin fast change is okay, but on the base layer - we won't slow change as we want to preserve the value to the best of our...
Episode Description
Hey SatsCrew,
There is a famous saying "To improve is to change to be perfect is to change often". This saying is by Winston Churchill, and while I strongly believe it applies to many tech startups around the world, I don't think it applies to Bitcoin.
It is of great importance to calculate the change made, and that the change is slow. On higher levels of Bitcoin fast change is okay, but on the base layer - we won't slow change as we want to preserve the value to the best of our abilities. In today's podcast, I visit several important topics like:
- Why for ossification, what are the benefits?
- Slow and steady
- Downsides of ossification?
- How about the benefits of changing the base layer incrementally
- The need for scaling to be supported by all
- Examples of people left
- Higher layers of bitcoin
- Middle-of-the-road approach
- Careful thoughtful evolution with shared consensus
- Thorough testing in testnet
- The natural order of events with Bitcoin will lean towards ossification
- It is important for bitcoiners, and people everywhere to keep an open mind, be thorough, and think over the long term
- Unintended consequences of changes as well
Are you for, against, or neutral regarding the ossification of the protocol? Do you think we may see another hard or soft fork sometime in the future? I'd love to hear everyone's thoughts - and thanks for tuning in!
Best Regards,
SatsMate
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Financial Disclaimer: Nothing stated in this video is a recommendation from SatsMate to buy or sell a particular security or asset class. It would help if you wisely considered your tolerance for risk, time horizon, and financial goals before making an investment. With investing, you risk losing money, always read an investment prospectus and make an informed decision before allocating capital to a particular investment
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